Bernie wants to take the cap off the earnings for those paying in to social security. As it stands now once a person reaches a certain earnings level ( a little over $118k per year) social security STOPS being taken from their paychecks. With this stupid (and it is stupid) income restriction removed the solvency of social security will be extended by decades and decades as those that are earning over about $118k per year will continue to pay in.

modern roots wrote:Bernie wants to take the cap off the earnings for those paying in to social security. As it stands now once a person reaches a certain earnings level ( a little over $118k per year) social security STOPS being taken from their paychecks. With this stupid (and it is stupid) income restriction removed the solvency of social security will be extended by decades and decades as those that are earning over about $118k per year will continue to pay in.

Now there's the link. Straight from the horse's mouth that is social security. What I've been calling the "cap" on income is called the "tax max" by social security. You can scroll down and see for yourself the history of how the tax max, or "cap" has been increased over the years. You cannot deny this. It is direct facts and figures from social security.

"...When President Roosevelt presented his plan for Social Security, it did not include an income cap. The original plan exempted high earners from Social Security altogether - including both taxes and benefits - and anyone who made more than $3,000 a year (about $52,000 in 2014 dollars) was supposed to be left out of the system completely. As FDR's plan worked its way through Congress, the exemption for high earners was eliminated, and the House Ways and Means Committee replaced it with a $3,000 cap. Historians on the subject have found no evidence supporting why the committee chose an earnings cap over an exemption, but it has been in place ever since..Since 1982, it has risen at the same rate as wages in the economy..."

that is fuckin bullshit that I pay into something (just like healthcare) that I will not see a penny of...

If i wasnt collecting a decent paycheck.... I'd game the welfware system to get my moneys worth.....

Social Security is a national slush fund for the old and geriatric people of this country...

You are so wrong. SS is an insurance program to keep the elderly from having to eat cat food (or cats). It is NOT welfare or an entitlement paid for by the taxpayer. God forbid, it may help you out in your dotage. Easy to say you don't need healthcare or SS benefits when you're young, fit and earning a paycheck but heed this; things can change. The only people who see it as a "slush fund" are congress who has "borrowed" from the fund and who wants to give it to their banking overlords to invest in derivatives or some such.

"...When President Roosevelt presented his plan for Social Security, it did not include an income cap. The original plan exempted high earners from Social Security altogether - including both taxes and benefits - and anyone who made more than $3,000 a year (about $52,000 in 2014 dollars) was supposed to be left out of the system completely. As FDR's plan worked its way through Congress, the exemption for high earners was eliminated, and the House Ways and Means Committee replaced it with a $3,000 cap. Historians on the subject have found no evidence supporting why the committee chose an earnings cap over an exemption, but it has been in place ever since..Since 1982, it has risen at the same rate as wages in the economy..."

No, I think you misunderstand.

What's the justification for the highest earners not contributing towards the social safety net?

Because our politicians pander to our oligarchs for the sole purpose of enriching themselves, not their constituents. Until we have a government that adheres to our constitution and a banking system owned wholly by the government, empathy will take a backseat to cheap money and profoundly, pathetic politics.

They should raise the cap. The original math worked well in 1935 when lifespans were 65 years old and there were lots of workers per retiree. Not so much with 3 workers per retiree and this tsunami of baby boomers claiming benefits over the last several years and into the next decade.

I've been saying the same thing for decades you fucking simpleton. It's one of the things Bo and me have consistently agreed on. I try not to waste too much time conversing with racist twats that wipe their ass with dish rags so you should just fuck off.

I've been saying the same thing for decades you fucking simpleton. It's one of the things Bo and me have consistently agreed on. I try not to waste too much time conversing with racist twats that wipe their ass with dish rags so you should just fuck off.